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- Form T2 Schedule 43 "Calculation of Parts IV.1 and VI.1 Taxes (2019 and Later Tax Years)" - Canada
Form T2 Schedule 43 "Calculation of Parts IV.1 and VI.1 Taxes (2019 and Later Tax Years)" - Canada
Download Form T2 Schedule 43 "Calculation of Parts IV.1 and VI.1 Taxes (2019 and Later Tax Years)" - Canada
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3Clear Data
Schedule 43
Code 1901
Calculation of Parts IV.1 and VI.1 Taxes
Protected B
(2019 and later tax years)
when completed
Corporation's name
Business number
Tax year-end
Year
Month
Day
•
Use this schedule to calculate a corporation's Part IV.1 tax for dividends received on taxable preferred shares and taxable restricted financial institution (RFI)
shares, and its Part VI.1 tax for dividends paid on short-term preferred shares and taxable preferred shares.
•
Use this schedule to elect under subsection 191.2(1) to pay Part VI.1 tax at a rate of 40% on taxable preferred shares. This rate would apply to all future
dividends paid on that class or series of shares.
All legislative references are to the federal Income Tax Act and Income Tax Regulations.
•
Restricted financial institution, taxable RFI share, taxable preferred share, and short-term preferred share are terms defined in subsection 248(1).
•
If Part IV.1 or VI.1 taxes are payable, file one completed copy of this schedule with your T2 Corporation Income Tax Return no later than six months after the
•
end of the tax year. If you are making an election under subsection 191.2(1), see subsection 191.2(1) of the Act for information on the period in which to make
the election.
For corporations without taxable income that have Part IV.1 or VI.1 taxes payable and that have a permanent establishment in more than one jurisdiction,
•
complete only columns A, B, and D in Part 1 of Schedule 5, Tax Calculation Supplementary – Corporations.
For Part IV.1 tax, an excepted dividend is a dividend as described in section 187.1 and subsections 191(4) and 191(5).
•
For Part VI.1 tax, an excluded dividend is a dividend as described in subsections 191(1), 191(4), 191(5), and 191(6).
•
For more information, see the T2 Corporation Income Tax Guide.
•
Part 1 – Dividend allowance
$ 500,000
1A
Basic dividend allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxable dividends (other than excluded dividends) paid in the calendar year immediately
preceding the calendar year in which the tax year ended. These dividends are on taxable
preferred shares or shares that would be taxable preferred shares if they were issued after
June 18, 1987, and were not grandfathered shares (see point 1 in Part 2 below if the corporation
1B
is associated) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,000,000
1C
►
Excess (amount 1B minus amount 1C) (if negative, enter "0")
110
115
Dividend allowance (amount 1A minus line 110) (if negative, enter "0") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part 2 – Agreement among associated corporations to allocate the dividend allowance
Year
Month Day
116
Date filed (do not use this area) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Yes
No
117
Is this an amended agreement? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Year
118
Calendar year to which the agreement applies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1. Enter the total of non-excluded dividends paid by all associated corporations at amount 1B in Part 1.
2. Allocate the dividend allowance (line 115 above) among associated corporations in column 140, as shown below.
3. Apply the special rules provided under paragraph 191.1(6)(b) if a corporation has two or more tax years ending in the same calendar year during which it
is associated with another taxable Canadian corporation that has a tax year ending in that calendar year.
4. If an associated corporation has more than one tax year ending in a calendar year, it has to file an agreement for each of these tax years.
5. Attach additional schedules if more space is needed.
Allocation of dividend allowance
Name of each associated corporation
Business number (If a corporation is not registered, enter "NR")
Dividend allowance allocated
120
130
140
Total (cannot be more than amount on line 115)
T2 SCH 43 E (19)
Page 1 of 3
(Ce formulaire est disponible en français.)
Clear Data
Schedule 43
Code 1901
Calculation of Parts IV.1 and VI.1 Taxes
Protected B
(2019 and later tax years)
when completed
Corporation's name
Business number
Tax year-end
Year
Month
Day
•
Use this schedule to calculate a corporation's Part IV.1 tax for dividends received on taxable preferred shares and taxable restricted financial institution (RFI)
shares, and its Part VI.1 tax for dividends paid on short-term preferred shares and taxable preferred shares.
•
Use this schedule to elect under subsection 191.2(1) to pay Part VI.1 tax at a rate of 40% on taxable preferred shares. This rate would apply to all future
dividends paid on that class or series of shares.
All legislative references are to the federal Income Tax Act and Income Tax Regulations.
•
Restricted financial institution, taxable RFI share, taxable preferred share, and short-term preferred share are terms defined in subsection 248(1).
•
If Part IV.1 or VI.1 taxes are payable, file one completed copy of this schedule with your T2 Corporation Income Tax Return no later than six months after the
•
end of the tax year. If you are making an election under subsection 191.2(1), see subsection 191.2(1) of the Act for information on the period in which to make
the election.
For corporations without taxable income that have Part IV.1 or VI.1 taxes payable and that have a permanent establishment in more than one jurisdiction,
•
complete only columns A, B, and D in Part 1 of Schedule 5, Tax Calculation Supplementary – Corporations.
For Part IV.1 tax, an excepted dividend is a dividend as described in section 187.1 and subsections 191(4) and 191(5).
•
For Part VI.1 tax, an excluded dividend is a dividend as described in subsections 191(1), 191(4), 191(5), and 191(6).
•
For more information, see the T2 Corporation Income Tax Guide.
•
Part 1 – Dividend allowance
$ 500,000
1A
Basic dividend allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxable dividends (other than excluded dividends) paid in the calendar year immediately
preceding the calendar year in which the tax year ended. These dividends are on taxable
preferred shares or shares that would be taxable preferred shares if they were issued after
June 18, 1987, and were not grandfathered shares (see point 1 in Part 2 below if the corporation
1B
is associated) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,000,000
1C
►
Excess (amount 1B minus amount 1C) (if negative, enter "0")
110
115
Dividend allowance (amount 1A minus line 110) (if negative, enter "0") . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Part 2 – Agreement among associated corporations to allocate the dividend allowance
Year
Month Day
116
Date filed (do not use this area) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Yes
No
117
Is this an amended agreement? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Year
118
Calendar year to which the agreement applies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1. Enter the total of non-excluded dividends paid by all associated corporations at amount 1B in Part 1.
2. Allocate the dividend allowance (line 115 above) among associated corporations in column 140, as shown below.
3. Apply the special rules provided under paragraph 191.1(6)(b) if a corporation has two or more tax years ending in the same calendar year during which it
is associated with another taxable Canadian corporation that has a tax year ending in that calendar year.
4. If an associated corporation has more than one tax year ending in a calendar year, it has to file an agreement for each of these tax years.
5. Attach additional schedules if more space is needed.
Allocation of dividend allowance
Name of each associated corporation
Business number (If a corporation is not registered, enter "NR")
Dividend allowance allocated
120
130
140
Total (cannot be more than amount on line 115)
T2 SCH 43 E (19)
Page 1 of 3
(Ce formulaire est disponible en français.)
Clear Data
Protected B when completed
Part 3 – Part VI.1 tax payable
Complete the calculation of the dividend allowance in Part 1.
210
Dividend allowance: amount on line 115 (from Part 1) or, if associated, the total amount allocated on line 140 (from Part 2). . . .
Note: If the tax year is less than 51 weeks, prorate the dividend allowance based on the number of days in the tax year divided
by 365. Enter this amount on line 210 instead of the amount from line 115 or 140.
1. Taxable dividends (other than excluded dividends) paid by the corporation in the year on
220
short-term preferred shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3A
Line 210 or 220, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
×
=
Line 220 minus amount 3A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3B
40%
3C
2. Taxable dividends (other than excluded dividends) paid by the corporation in the year on
taxable preferred shares (other than short-term preferred shares) of all classes for which
230
the corporation is making an election under subsection 191.2(1) . . . . . . . . . . . . . . . . . . .
3D
Dividend allowance (line 210) . . . . . . . . . . . . . . . . . . . . .
3E
Amount 3A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3F
Net amount (amount 3D minus amount 3E) . . . . . . . . . .
3G
Line 230 or amount 3F, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
×
=
3H
40%
3I
Line 230 minus amount 3G . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3. Taxable dividends (other than excluded dividends) paid by the corporation in the year on
taxable preferred shares (other than short-term preferred shares) of all classes for which
240
the corporation is not making an election under subsection 191.2(1) . . . . . . . . . . . . . . . .
3J
Dividend allowance (line 210) . . . . . . . . . . . . . . . . . . . . .
3K
Amount 3A . . . . . . . . .
3L
Amount 3G . . . . . . . . .
Subtotal (amount 3K
►
3M
plus amount 3L) . . . . .
3N
Net amount (amount 3J minus amount 3M) . . . . . . . . . .
3O
Line 240 or amount 3N, whichever is less . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
×
=
3P
25%
3Q
Line 240 minus amount 3O . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4. Complete this calculation if the corporation has made an agreement under section 191.3 to pay all or part of a related
corporation's Part VI.1 tax otherwise payable for the year (complete and file Schedule 45).
250
Part VI.1 tax transferred from a related corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Subtotal (add amounts 3C, 3I, 3Q, and line 250)
3R
260
Part VI.1 tax transferred to a related corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
270
Part VI.1 tax payable (amount 3R minus line 260) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter amount from line 270 on line 724 of the T2 return.
Note: Part VI.1 tax payable has the same instalment requirements and balance due date as Part I tax payable.
Page 2 of 3
Clear Data
Protected B when completed
Part 4 – Part IV.1 tax payable
This tax does not apply to dividends received by financial intermediary corporations or corporations that were private corporations at the time the dividends
were received. Part IV.1 tax applies only if the dividend in question was deductible under section 112 or 113 or under subsection 138(6) or 115(1). Part IV.1
tax payable is due on or before the balance due date of the corporation or the restricted financial institution for a tax year.
Taxable dividends (other than excepted dividends) received in the year on taxable preferred shares [other than a share of a
310
class for which the corporation has made an election under subsection 191.2(1)] . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxable dividends (other than excepted dividends) received in the year by a restricted financial institution on taxable RFI
320
shares (see section 187.3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
330
Total taxable dividends subject to Part IV.1 tax (line 310 plus line 320) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
340
Part IV.1 tax payable (line 330 multiplied by 10%) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter amount from line 340 on line 716 of the T2 return.
Part IV tax reduction
350
Portion of taxable dividends included on line 330 that is also subject to Part IV tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
370
Portion of taxable dividends included on line 350 received from connected corporations . . . .
×
=
380
30%
4A
Part IV tax on taxable dividends reported on line 370 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter amount 4A at amount 2F of Schedule 3, Dividends Received, Taxable Dividends Paid, and Part IV Tax Calculations.
×
=
390
10%
4B
Portion of taxable dividends included on line 350 received from non-connected corporations
360
Reduction of Part IV tax otherwise payable (amount 4A plus amount 4B) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter amount from line 360 on line 320 of Schedule 3.
×
=
400
10%
4C
Eligible taxable dividends included on line 390 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter amount 4C at amount 2I of Schedule 3.
4D
Part IV tax reduction of non-eligible taxable dividends received from non-connected corporations (amount 4B minus amount 4C)
Enter amount 4D at amount T of the T2 return.
Page 3 of 3
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